Singapore legislation

Clause 18

of Education Endowment Scheme (Amendment No. 2) Bill

Clause 18

Repeal and re-enactment of sections 18 and 19

Sections 18 and 19 of the principal Act are repealed and the following sections substituted therefor:“Financial year18.—

(1)

Subject to subsection (2), the financial year of the Endowment Fund, the Edusave Pupils Fund and the PSE Fund shall begin on 1st April of each year and end on 31st March of the succeeding year.(2) The first financial year of each Fund shall begin on the date of its establishment and shall end on 31st March of the succeeding year.Accounts to be kept19.—

(1)

The Minister shall —

(a)

cause to be kept proper accounts and records of all transactions and affairs relating to the Endowment Fund, the Edusave Pupils Fund and the PSE Fund; and

(b)

do all things necessary to ensure that —

(i)

all payments out of each Fund are correctly made and properly authorised; and

(ii)

adequate control is maintained over the assets and receipts of each Fund.(2) The Minister shall, as soon as practicable after the close of each financial year but not later than 30th June of each year, cause to be prepared and submitted to the auditor of each Fund financial statements in respect of that year for that Fund.”.

Read in full context — Education Endowment Scheme (Amendment No. 2) Bill →